I had a challenge with too many withdrawals from my savings account, which resulted in charges. I also was unaware of the restriction on the number of withdrawals. Please provide a better explanation of restrictions on accounts.May 1, 2014
While we do our best to be as transparent as possible regarding any potential service charges, we understand our members lead busy financial lives and these details can get lost in the shuffle.
BCUs excessive withdrawal fee is driven by regulations which require savings and money market accounts to be limited to six withdrawal or transfer transactions per month. This regulation applies to all financial institutions, including credit unions. Every withdrawal or transfer above the limit of six will result in a $3 fee. For more information regarding this fee and any other questions related to deposit products, please see the BCU Deposit Account Agreement.
More importantly, if you plan to make more than six withdrawal transactions per month, we encourage you to open a BCU checking account. All BCU checking accounts have no limit to the number of transactions you can make, no minimum balance requirements and no monthly maintenance fees. Plus, you can qualify to earn a higher rate of interest on your balance or have other banks' ATM surcharges reimbursed when you are unable to use a BCU network ATM. Compare our checking accounts today.